| Schedule of Stock-Based Compensation Expense |
The
following tables summarizes total stock-based compensation expense by function for the years ended March 31, 2024 and March 31, 2023:
| | |
March
31, 2024 | | |
March
31, 2023 | |
| Cost of revenue | |
$ | 134,883 | | |
$ | 575,662 | |
| Technology expenses | |
| 162,789 | | |
| 341,370 | |
| Marketing expenses | |
| 19,228 | | |
| 58,822 | |
| General
and administrative expenses | |
| 1,566,833 | | |
| 2,634,244 | |
| Total
stock-based compensation expense | |
| 1,883,733 | | |
| 3,610,097 | |
|
| Schedule of Fair Value of Options Granted is Estimated on the Date of Grant Using the Black-Scholes-Merton Option-Pricing Model |
The
fair value of options granted is estimated on the date of grant using the Black-Scholes-Merton option-pricing model using the weighted
average assumptions. No grants were made during the year ended March 31, 2023. The assumptions for the year ended March 31, 2023 are
as follows:
| | |
March
31, 2023 | |
| Dividend yield | |
| 0.00 | % |
| Expected volatility | |
| 60.00 | % |
| Risk-free interest rate | |
| 2.39-2.81 | % |
| Exercise price | |
$ | 2.20 | |
| Expected life (in years) | |
| 5.5 - 7 | |
| Attrition rate | |
| 30.00 | % |
|
| Schedule of Stock-Based Options Outstanding and Their Related Weighted Average Exercise |
The
movement in number of stock-based options outstanding and their related weighted average exercise price for the 2012 Equity Incentive
Plan are as follows:
| | |
2024 | | |
2023 | |
| | |
No.
of
options | | |
Weighted
average exercise price | | |
No.
of
options | | |
Weighted
average exercise price | |
| Outstanding
at the beginning of the year | |
| 16,258,113 | | |
$ | 1.82 | | |
| 16,081,481 | | |
$ | 1.78 | |
| Granted
during the year | |
| | | |
| - | | |
| 1,873,500 | | |
| 2.20 | |
| Forfeited
during the year | |
| (730,460 | ) | |
| 1.81 | | |
| (1,696,868 | ) | |
| 1.78 | |
| Exercised
during the year | |
| - | | |
| - | | |
| - | | |
| - | |
| Cancelled
during the year * | |
| (14,808,486 | ) | |
| - | | |
| - | | |
| 1.82 | |
| Transferred
to merged Company * | |
| (719,167 | ) | |
| - | | |
| - | | |
| | |
| Outstanding
at the end of the period | |
| - | | |
| | | |
| 16,258,113 | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercisable
at the end of the period | |
| - | | |
| - | | |
| 9,152,861 | | |
| 1.54 | |
| Unvested
at the end of the period | |
| - | | |
| - | | |
| 7,105,252 | | |
| 2.20 | |
| * | During the year ended March 31, 2024, in relation to the Reverse Recapitalization
transaction, Zoomcar, Inc. has cancelled 14,808,486 (prior to Reverse Stock Split) outstanding options, the unrecognized cost of $1,265,828
related to the cancelled options was immediately recognized in the Consolidated Statement of Operation. Further, the Company has assumed
719,167 (prior to Reverse Stock Split) options of Zoomcar, Inc. at the Exchange Ratio of 0.0284 (prior to Reverse Stock Split) resulting
in 10 (204 prior to Second Reverse Stock Split and 20,435 prior to First Reverse Stock Split) options which is outstanding under the 2023
Incentive Plan |
|